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I knew as soon as I posted this it would start to tank. Oh well.
We're moving up nicely here on an otherwise crappy day in the market. Hoping this breaks and holds above .50 today.
NM, do you think it would be safe to assume a reverse split is off the table for now or could GE announce this at the last minute to prop the price up?
Think about it. Why would someone pay $6 a share for a stock currently trading at 34 cents?
OUCH!
Like I've been saying to myself for a long time now, there's always next week.
You call a 10 dollar trade, volume?
Sub .40 Geez!
Its like we take one step forward and two steps back.
ORIG seems to be holding us down again.
BDI +49 to 1200
Small world Ray. I am also from Long Island.
Net-Man, do you know the exact date that DRYS needs to be above $1.00 and can they ask for an extension on the $1.00 requirement?
DryShips Announces Full Settlement of the $120M Affiliate Loan and Suspension of Ocean Rig Dividend
9:11 am ET July 30, 2015
DryShips Inc. (NASDAQ: DRYS) (the "Company" or "DryShips"), a global provider of marine transportation services for drybulk and petroleum cargoes, and through its subsidiary, Ocean Rig UDW Inc., of off-shore contract drilling oil services, announced today the following:
It has reached an agreement with Ocean Rig UDW Inc. ("Ocean Rig") to exchange the remaining outstanding balance of $80 million owed to Ocean Rig under the $120 million Exchangeable Promissory Note, for 17,777,778 shares of Ocean Rig owned by the Company. The agreement was approved by a committee of independent directors.
Ocean Rig's Board of Directors has decided to suspend its quarterly dividend until the offshore drilling market conditions improve.
DryShips Announces Full Settlement of the $120M Affiliate Loan and Suspension of Ocean Rig Dividend
9:11 am ET July 30, 2015
DryShips Inc. (NASDAQ: DRYS) (the "Company" or "DryShips"), a global provider of marine transportation services for drybulk and petroleum cargoes, and through its subsidiary, Ocean Rig UDW Inc., of off-shore contract drilling oil services, announced today the following:
It has reached an agreement with Ocean Rig UDW Inc. ("Ocean Rig") to exchange the remaining outstanding balance of $80 million owed to Ocean Rig under the $120 million Exchangeable Promissory Note, for 17,777,778 shares of Ocean Rig owned by the Company. The agreement was approved by a committee of independent directors.
Ocean Rig's Board of Directors has decided to suspend its quarterly dividend until the offshore drilling market conditions improve.
And DRYS seems to be followong suit.
BDI +10 to 1104, SPOT +676 to 15894.
DryShips Announces Write-Off of Receivables
9:11 am ET July 22, 2015
DryShips Inc. (NASDAQ: DRYS) (the "Company" or "DryShips"), a global provider of marine transportation services for drybulk and petroleum cargoes, and through its subsidiary, Ocean Rig UDW Inc., of off-shore contract drilling oil services, announced today the agreement with one of its charterers to write-off about $16.5 million in overdue receivables related to charter hire payments due on 11 vessels on time charter. As part of the transaction, the charterer has agreed to forgo the exercise of certain "in-the-money" purchase options related to 7 vessels on time charter and provide new charters for 11 vessels at $12,500/day gross with 50-50 profit sharing starting as of June 1, 2015 and for an average period of about 4.5 years.
Mr. Economou, Chairman and CEO, stated:
"We are pleased to have reached an agreement with one of our charterers that allows DryShips to put a floor on its downside while providing upside potential. With the negative conditions in the drybulk market we believe this is a prudent way to take advantage of market volatility."
Can't believe how cheap this has gotten. Can't hurt picking some up down here. Won't stay this cheap for very long.
BDI +39, SPOT +880, PANAMAX +103.
BDI +36, SPOT +773
BDI +26 to 900, SPOT +574 to 10186
Lets see if the deal in Greece boosts DRYS today.
Nice little run up after hours.
BDI +21, SPOT +296
BDI +13
Getting hammered after hours.
This is painful to watch.
It looks like Greece defaulting is another big drag on DRYS, like we didn't have enough pressure already weighing down the pps.
Keep dreaming. The only thing that's gonna happen here is an RS or a delisting.
BDI +39
I don't think an RS is off the table. I think only that shareholders having a vote on an RS is off the table.
Some nice buying came thru at the close.
Yup, BDI up 48. Capes up 1404.
I think you're looking at yesterdays BDI.
BDI +44
The Board of Directors of DryShips Inc. (the "Company") has elected to withdraw Proposal Three on the Company's Notice and Proxy Statement from consideration and voting at the Company's Annual General Meeting of Shareholders (the "Meeting"), which will be held at the Company's offices located at 109 Kifissias Avenue and Sina Street, GR 151 24, Marousi, Athens, Greece on June 15, 2015 at 12:00 p.m. local time. Proposal Three relates to the approval of an amendment to the Company's Amended and Restated Articles of Incorporation to effect a reverse stock split of the Company's issued and outstanding shares of common stock. Proposals One and Two remain unchanged and will be considered and voted upon at the Meeting. A copy of the Notice and Proxy Statement, as distributed to shareholders on or about May 5, 2015, can be found on the Company's website at http://drys.agmdocuments.com/ASM2015.html.
It would appear they withdrew the RS or are they withdrawing a vote on the RS and have decided to do RS regardless?
We haven't seen the low yet. Stay tuned.
DryShips Inc. Announces Ocean Rig UDW Inc.'s Pricing of 28,571,428 Shares of Common Stock
9:50 am ET June 3, 2015
DryShips Inc. (NASDAQ: DRYS) (the "Company" or "DryShips"), a global provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc. ("Ocean Rig"), of offshore deepwater drilling services, announced today that Ocean Rig priced the offering of 28,571,428 shares of its common stock, par value $0.01 per share, at a price of $7.00 per share. The offering is expected to close on June 8, 2015. As part of the offering, George Economou, Ocean Rig's Chairman, President and Chief Executive Officer, is purchasing $10 million, or 1,428,571 shares, of common stock in the offering at the public offering price, a number of common shares that maintains his direct ownership in Ocean Rig, representing approximately five percent of its common stock.
Clarksons Platou Securities, Inc., Pareto Securities Inc. and Seaport Global Securities LLC are acting as joint lead managers, joint bookrunners and placement agents in the offering. Clarksons Platou Securities AS and Pareto Securities AS are acting as placement agents. Clarksons Platou Securities AS and Pareto Securities AS are not U.S. registered broker-dealers and to the extent that this offering is made within the United States, their activities will be effected only to the extent permitted by Rule 15a-6 of the Securities Exchange Act of 1934, as amended. Ocean Rig intends to use the net proceeds from the offering for working capital and general corporate purposes, including the acquisition of drilling rigs.
DryShips Inc. Announces Ocean Rig UDW Inc.'s Offering of Common Stock
4:02 pm ET June 2, 2015
DryShips Inc. (NASDAQ: DRYS) (the "Company" or "DryShips"), a global provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc. ("Ocean Rig"), of offshore deepwater drilling services, announced today that Ocean Rig has launched an offering of its common stock, par value $0.01 per share. As part of this offering, George Economou, our Chairman, President and Chief Executive Officer, has indicated his intention to purchase, at the public offering price, a number of common shares that maintains his direct ownership in Ocean Rig, representing approximately five percent of its common stock.
Clarksons Platou Securities, Inc., Pareto Securities Inc. and Seaport Global Securities LLC are acting as joint lead managers, joint bookrunners and placement agents in the offering. Clarksons Platou Securities AS and Pareto Securities AS are acting as placement agents. Clarksons Platou Securities AS and Pareto Securities AS are not U.S. registered broker-dealers and to the extent that this offering is made within the United States, their activities will be effected only to the extent permitted by Rule 15a-6 of the Securities Exchange Act of 1934, as amended. Ocean Rig intends to use the net proceeds from the offering for working capital and general corporate purposes, including the acquisition of drilling rigs.